In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of Oct 23. Our focus will be on the following developments:
● Bitcoin Hits $35K in Uptober
● Memeland Launches Community Presale of $MEME
● Polygon Launches $POL Token Contract
● Arcade Doubles Down on Decentralizationz
● Shrapnel’s Game Studio Raises $20M
Bitcoin Hits $35K in Uptober
Bitcoin, the undisputed heavyweight champion of the crypto world, had been grappling with support levels for months, but Uptober has not failed us, the past week has been exceptionally bullish, with Bitcoin witnessing a remarkable surge of over 24%. As a result of this meteoric rise, Bitcoin’s dominance has soared to 51.5%, a level not seen in over two years.
What is even more remarkable is the ripple effect this surge has had on the broader market, with numerous other cryptocurrencies also posting substantial double-digit gains during the same period.
The primary catalyst behind this surge appears to be the renewed optimism surrounding the potential approval of a Bitcoin ETF. An ETF would represent a significant shift in the cryptocurrency landscape, making it much easier for larger institutions to invest in this asset class.
The recent price surge underscores the impact of regulatory clarity and mainstream adoption on the cryptocurrency market. As institutional interest in cryptocurrencies continues to grow, the potential for Bitcoin to solidify its status as a legitimate and widely accepted asset class becomes increasingly promising. Read more on this here.
Memeland Launches Community Presale of $MEME
The $MEME token, that openly disavowed any conventional utility, roadmap, promises, or financial return expectations, has managed to wildly captivate the imagination of enthusiasts. On that note, Memeland took a monumental step this week, by unveiling the highly-anticipated community presale for its $MEME token, and the response from the community has been nothing short of remarkable.
The launch of the $MEME token’s community presale was met with a wave of positive sentiment and anticipation. Project discord channels reverberated with excitement as the community actively participated in the presale. Notably, the crypto community had been eagerly awaiting this moment, and it did not disappoint. In a matter of minutes, the presale gained substantial traction, with Coindesk reporting that it reached an impressive $10 million in commitments within just 42 minutes after going live. This rapid influx of investment underscores the intrigue and interest surrounding Memeland’s experiment.
As Memeland continues to build its robust ecosystem and gain popularity within the broader NFT community, there is much to look forward to. This project, characterized by its unconventional approach and the passionate support of its community, stands as a testament to the boundless potential for innovation within the crypto space.
Polygon Launches $POL Token Contract
Polygon, a prominent player in this space, has recently taken a significant step forward by deploying the token contracts for its new $POL token on the Ethereum network. This move marks a pivotal development in Polygon’s updated roadmap, setting the stage for the transition from the current $MATIC token to $POL. $MATIC holders will have a four-year window to migrate their holdings to the new token.
The $POL token plays a pivotal role in Polygon’s comprehensive network upgrade. Its significance lies in its ability to function as a unified token for all Polygon-based networks, consolidating the ecosystem into a cohesive whole. This extensive network encompasses the primary Polygon blockchain, the Polygon zkEVM network, and an array of supernets.
Furthermore, as per Decrypt, the $POL token promises an exciting range of functionalities. Users will have the opportunity to stake their holdings across as many compatible chains as they desire. This means that the moment their holdings are deposited, they will begin to earn protocol rewards and transaction fees on each staked chain. This level of flexibility and interoperability underscores Polygon’s commitment to enhancing the user experience and expanding the possibilities within its ecosystem.
Looking ahead, there are several intriguing developments on the horizon. One notable aspect is the plan to transition the Proof of Stake (PoS) chain to a pure-play zkRollup, a move that could have far-reaching implications for network efficiency and scalability. Additionally, Polygon has hinted at introducing a new interoperability standard for its various chains, a development that could further enhance the connectivity and versatility of the network.
Arcade Doubles Down on Decentralization
Arcade, a prominent NFT lending protocol, has not only surfed the wave of innovation but has also catalyzed a revolutionary shift in its trajectory. This week, Arcade made a groundbreaking announcement with the unveiling of ArcadeDAO and the introduction of the $ARCD token, marking a watershed moment in their journey towards complete decentralization.
The crux of this transformation is the transfer of control over the Arcade Protocol. Arcade’s decision to anchor its governance within ArcadeDAO is not merely a technical pivot – it is a philosophical embrace of the principles of Web3. This fundamental shift represents a paradigm where the power is vested in the hands of the many, encouraging builders and developers to actively shape the future of the project.
At the heart of ArcadeDAO is the $ARCD governance token. As per the blog post by ArcadeDAO, holders of $ARCD tokens automatically ascend to the esteemed position of ArcadeDAO members, bestowing upon them the right to participate in governance processes and contribute to the project’s vibrant community. The number of tokens held by each member serves as a measure of their voting power, granting them the ability to cast their votes on governance proposals, delegate their influence, or even choose to abstain from voting.
As ArcadeDAO embarks on its exciting journey of on-chain governance, it places its trust firmly in the hands of token holders, underscoring its unwavering commitment to lead the charge in NFT finance, protocol development, and resource coordination.
Shrapnel’s Game Studio Raises $20M
Neon Machine, a Seattle-based Web3 gaming developer, has emerged as a prominent player, making waves in the industry with a groundbreaking announcement. The company has successfully raised a staggering $20 million in funding for its highly anticipated project, Shrapnel, a revelation that has sent shockwaves through the gaming community and beyond.
The recent completion of a $20 million Series A funding round represents a major milestone for Neon Machine. Leading the charge in this investment round is Polychain Capital, a significant player in the blockchain investment space, while additional investments come from notable firms like Griffin Gaming Partners, Brevan Howard Digital, Franklin Templeton, IOSG Ventures, and Tess Ventures. This impressive show of support from well-established players in the financial and gaming sectors demonstrates the immense potential and belief in Neon Machine’s vision.
This achievement builds upon a solid foundation laid by Neon Machine, which had previously secured $10.5 million in seed funding in late 2021. The cumulative effect of this seed funding, the recent Series A round, and private token sale rounds have propelled the total funds raised to a remarkable $37.5 million. This financial backing not only underscores the confidence in Neon Machine’s direction but also paves the way for groundbreaking developments within the gaming space.
The newly secured funding will play a pivotal role in game development and release, propelling Shrapnel into the spotlight as a pioneering force in the world of blockchain gaming. Read more on this here.
